10QSB 1 wyman10qsb3312001.txt FORM 10QSB FOR 3/31/2001 WYMAN UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB (Mark One) X Quarterly Report Pursuant to Section 13 or 15(d) of the Securities --------- Exchange Act of 1934 For the quarterly period ended March 31, 2001 _____ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____ Commission File Number: 0-23345 WYMAN PARK BANCORPORATION, INC. ------------------------------ (Exact Name of Small Business Issuer as Specified in its Charter) DELAWARE 52-2068893 --------------------------------------- ---------- (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 11 WEST RIDGELY ROAD, LUTHERVILLE, MARYLAND 21093 ------------------------------------------------- (Address of Principal Executive Offices) (410)-252-6450 -------------- Registrant's Telephone Number, Including Area Code Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d)of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ As of April 30, 2001, the issuer had 822,490 shares of Common Stock issued and outstanding. Transitional Small Business Disclosure Format (check one): Yes___ No X ------- CONTENTS -------- PART I. FINANCIAL INFORMATION PAGE --------------------- ---- Item I. Financial Statements Consolidated Statements of Financial Condition at March 31, 2001 and June 30, 2000.................................... 2 Consolidated Statements of Operations for the Three Month and Nine Month Periods ended March 31, 2001 and 2000.................... 3 Consolidated Statements of Cash Flows for the Nine Month Periods Ended March 31, 2001 and 2000............................... 4 Notes to Consolidated Financial Statements.........................5-6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.............................................7-12 PART II. OTHER INFORMATION ----------------- Item 1. Legal Proceedings.................................................. 13 Item 2. Changes in Securities and Use of Proceeds.......................... 13 Item 3. Defaults Upon Senior Securities.................................... 13 Item 4. Submission of Matters to a Vote of Security Holders................ 13 Item 5. Other Information.................................................. 13 Item 6. Exhibits and Reports on Form 8-K................................... 13 SIGNATURES................................................................... 14 1 Wyman Park Bancorporation, Inc. and Subsidiaries Lutherville, Maryland Consolidated Statements of Financial Condition
March 31, June 30, 2001 2000 -------------- ------------ (Unaudited) Assets ------ Cash and noninterest bearing deposits $ 271,605 $ 310,442 Interest bearing deposits in other banks 95,810 474,358 Federal funds sold 815,043 1,301,106 ------------ ------------ Total cash and cash equivalents 1,182,458 2,085,906 Loans receivable, net 65,663,467 65,223,905 Mortgage-backed securities held to maturity at amortized cost, fair value of $156,317 (3/2001) and $176,350 (6/2000) 154,895 174,086 Federal Home Loan Bank of Atlanta stock, at cost 528,900 508,500 Accrued interest receivable 330,823 333,114 Ground rents owned, at cost 122,600 122,600 Property and equipment, net 81,764 107,304 Federal and state income taxes receivable 31,698 16,985 Deferred tax asset 203,364 203,364 Prepaid expenses and other assets 67,908 63,850 ------------ ------------ Total Assets $ 68,367,877 $ 68,839,614 ------------ ------------ Liabilities & Stockholders'Equity --------------------------------- Liabilities: Demand deposits $ 5,133,206 $ 5,643,177 Money market and NOW accounts 8,902,831 9,093,949 Time deposits 43,348,215 40,609,938 ------------ ------------ Total deposits 57,384,252 55,347,064 Borrowings 1,000,000 3,000,000 Advance payments by borrowers for taxes, insurance and ground rents 897,914 1,315,538 Accrued interest payable on savings deposits 13,454 17,267 Accrued interest on borrowings 4,779 14,786 Federal and state income taxes payable -- 8,748 Accrued expenses and other liabilities 579,942 528,975 ------------ ------------ Total liabilities 59,880,341 60,232,378 Stockholders' Equity -------------------- Common stock, par value $.0l per share; authorized 2,000,000 shares; issued 1,011,713 shares 10,117 10,117 Additional paid-in capital 4,129,343 4,053,677 Contra equity - Employee Stock Ownership Plan (ESOP) (539,770) (539,770) Retained earnings, substantially restricted 6,636,785 6,327,076 Treasury Stock; 189,223 shares, at cost at March 31, 2001 and 112,987 at cost at June 30, 2000 (1,748,939) (1,243,864) ------------ ------------ Total stockholders' equity 8,487,536 8,607,236 ------------ ------------ Total liabilities and stockholders' equity $ 68,367,877 $ 68,839,614 ------------ ------------
See accompanying notes to financial statements. 2 Wyman Park Bancorporation, Inc. and Subsidiaries Lutherville, Maryland Consolidated Statements of Operation (Unaudited)
For the Nine Months For the Three Months Ended March 31, Ended March 31, 2001 2000 2001 2000 ---- ---- ---- ---- Interest and fees on loans receivable $3,691,787 $3,320,078 $1,236,193 $1,152,505 Interest on mortgage-backed securities 9,538 9,467 3,042 2,943 Interest on other investments 138,891 203,101 33,079 47,459 ---------- ---------- ---------- ---------- Total interest income $3,840,216 $3,532,646 $1,272,314 $1,202,907 ---------- ---------- ---------- ---------- Interest on savings deposits $2,144,058 $1,903,452 $ 721,659 $ 626,304 Interest on borrowed money 106,733 21,437 18,323 18,353 Interest on escrow deposits 1,554 2,073 556 930 ---------- ---------- ---------- ---------- Total interest expense $2,252,345 $1,926,962 $ 740,538 $ 645,587 Net interest income before provision for loan losses 1,587,871 1,605,684 531,776 557,320 Provision for loan losses -- 2,400 -- 2,400 ---------- ---------- ---------- ---------- Net interest income $1,587,871 $1,603,284 $ 531,776 $ 554,920 ---------- ---------- ---------- ---------- Other Income Loan fees and service charges $ 78,572 $ 66,693 $ 31,444 $ 21,504 Other 8,879 9,337 2,441 2,887 ---------- ---------- ---------- ---------- Total other income $ 87,451 $ 76,030 $ 33,885 $ 24,391 ---------- ---------- ---------- ---------- Noninterest Expenses Salaries and employee benefits $ 690,285 $ 655,674 $ 247,184 $ 220,636 Occupancy costs 84,994 69,688 30,300 23,763 Professional services 47,730 67,025 13,922 17,658 Federal deposit insurance premiums 8,440 20,119 2,741 2,994 Furniture and fixtures depreciation and maintenance 34,128 39,749 11,159 13,396 Data processing 62,510 62,141 21,594 18,913 Advertising 47,557 53,018 10,051 22,569 Franchise and other taxes 42,741 37,428 20,721 16,195 Other 153,628 152,297 48,058 55,526 ---------- ---------- ---------- ---------- Total noninterest expenses $1,172,013 $1,157,139 $ 405,730 $ 391,650 Income before tax provision 503,309 522,175 159,931 187,661 Provision for income taxes 193,600 204,021 61,000 73,000 ---------- ---------- ---------- ---------- Net Income $ 309,709 $ 318,154 $ 98,931 $ 114,661 ---------- ---------- ---------- ---------- Basic net income per share $0.42 $0.41 $0.14 $0.15 Diluted net income per share $0.41 $0.39 $0.13 $0.15
See accompanying notes to financial statements. 3 Wyman Park Bancorporation, Inc. and Subsidiaries Lutherville, Maryland CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended March 31, 2001 2000 ---- ---- Cash Flows from operating activities ------------------------------------ Net income $ 309,709 $ 318,154 Adjustments to reconcile net income to net Cash provided by operating activities: Depreciation and amortization 30,988 38,637 Non-cash compensation under stock based benefit plan 75,667 75,667 Provision for loan losses -- 2,400 Amortization of loan fees (37,691) (54,017) (Increase) decease in accrued interest receivable 2,291 (18,465) (Increase) decrease in prepaid expenses and other assets (4,058) 26,987 Increase (decrease) in accrued expenses and other liabilities 50,967 (22,071) Increase in federal and state income taxes receivable (14,713) (15,332) Increase (decrease) in federal and state income taxes payable (8,748) 2,273 Decrease in accrued interest payable on savings deposits (3,813) (1,738) Increase (decrease) in accrued interest payable on borrowings (10,007) 3,102 ------------ ------------ Net cash provided by operating activities 390,592 355,597 Cash flows from investing activities ------------------------------------ Net increase in loans receivable (71,412) (5,062,791) Purchase of loan participations (330,459) (1,000,000) Mortgage-backed securities principal repayments 19,191 34,296 Purchase of FHLB of Atlanta stock (20,400) -- Purchases of property and equipment (5,449) (6,017) ------------ ------------ Net cash used in investing activities (408,529) (6,034,512) Cash flows from financing activities ------------------------------------ Net increase (decrease) in savings deposits 2,037,188 (3,480,886) Net increase (decrease) in checks outstanding in excess of bank balance -- 33,352 Decrease in borrowings (2,000,000) (650,000) Decrease in advance payments by borrowers for taxes, insurance and ground rents (417,624) (278,954) Repurchase of common stock (505,075) -- ------------ ------------ Net cash used in financing activities (885,511) (4,376,488) Net decrease in cash and cash equivalents $ (903,448) $(10,055,403) Cash and cash equivalents at beginning of period 2,085,906 12,100,730 ------------ ------------ Cash and cash equivalents at end of period $ 1,182,458 $ 2,045,327 ------------ ------------ Supplemental information ------------------------ Interest paid on savings deposits and borrowed funds $ 2,252,344 $ 1,926,962 Income taxes paid $ 217,060 $ 222,376
See accompanying notes to financial statements. 4 WYMAN PARK BANCORPORATION, INC. AND SUBSIDIARIES LUTHERVILLE, MARYLAND NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1: WYMAN PARK BANCORPORATION, INC. Wyman Park Bancorporation, Inc. (the "Company") is the holding company of Wyman Park Federal Savings & Loan Association ("Association"), which converted from mutual to stock form ("Stock Conversion") and became the wholly owned subsidiary of the Company on January 5, 1998. All references to the Company prior to January 5, 1998, except where otherwise indicated are to the Association. The Company's common stock began trading on the OTC Electronic Bulletin Board on January 7, 1998 under the symbol "WPBC". The Association is regulated by the Office of Thrift Supervision ("OTS"). The primary business of the Association is to attract deposits from individual and corporate customers and to originate residential and commercial mortgage loans and consumer loans. The Association competes with other financial and mortgage institutions in attracting and retaining deposits and originating loans. The Association conducts operations through its main office located at 11 West Ridgely Road, Lutherville, Maryland 21093 and one branch office located at 7963 Baltimore-Annapolis Boulevard, Glen Burnie, Maryland 21060. NOTE 2: BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions for Form 10-QSB and therefore, do not include all disclosures necessary for a complete presentation of the statements of condition, statements of operations and statements of cash flows in conformity with generally accepted accounting principles. However, all adjustments which, in the opinion of management, are necessary for the fair presentation of the interim financial statements have been included. Such adjustments were of a normal recurring nature. The results of operations for the nine months ended March 31, 2001 are not necessarily indicative of the results that may be expected for the entire year. Certain prior year amounts have been reclassified to conform with the current year presentation. NOTE 3: CASH AND CASH EQUIVALENTS For cash, non-interest bearing deposits, variable rate interest-bearing deposits in other banks and federal funds sold, the carrying amount is a reasonable estimate of fair value. 5 NOTE 4: EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the appropriate period. Unearned Employee Stock Ownership Plan (ESOP) shares are not included in outstanding shares. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding as adjusted for the dilutive effect of stock options and unvested stock awards based on the "treasury stock" method. Information relating to the calculations of net income per share of common stock is summarized for the three months and nine months ended March 31, 2001 and 2000 as follows: Three Months Ended Nine Months Ended March 31, March 31, 2001 2000 2001 2000 ------------------- --------------------- Net income $ 98,931 $114,661 $309,709 $318,154 Weighted average shares Outstanding basic EPS 710,598 761,519 729,692 776,103 Dilutive items Stock options 32,417 22,259 28,777 30,012 Unvested stock awards 158 -- -- 1,359 Adjusted weighted average shares Outstanding used for diluted EPS 743,173 783,778 758,469 807,474 NOTE 5: REGULATORY CAPITAL REQUIREMENTS Under OTS regulations, the Association must maintain capital at least equal to specified percentage of its assets. The Association's assets and capital for these purposes are subject to OTS regulatory definition, and the percentage levels vary depending on the capital levels being measured. The following table presents the Association's capital position based on the March 31, 2001 financial statements.
To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions -------------------- ------------------- -------------------- Amount Ratio Amount Ratio Amount Ratio ------ ----- ------ ----- ------ ----- Total Capital (to Risk Weighted Assets) $8,134,754 20.2% $3,228,959 8.0% $4,036,199 10.0% Tier I capital (to Risk Weighted Assets) 7,849,754 19.4% 1,614,480 4.0% 2,421,719 6.0% Tier 1 Capital (to Average Assets) 7,849,754 11.5% 2,734,821 4.0% 3,418,527 5.0%
6 ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. FORWARD-LOOKING STATEMENTS When used in this filing and in future filings by the Company with the Securities and Exchange Commission, in the Company's press releases or other public or shareholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties, including but not limited to changes in economic conditions in the Company's market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company's market area and competition, all or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and advises readers that various factors, including regional and national economic conditions, substantial changes in levels of market interest rates, credit and other risks of lending and investment activities and competitive and regulatory factors, could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from those anticipated or projected. The Company does not undertake, and specifically disclaims any obligations, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements. 7 COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2001 AND JUNE 30, 2000 The Company's assets decreased $400,000 or 0.6% to $68.4 million at March 31, 2001 from $68.8 million at June 30, 2000. Cash and cash equivalents decreased $900,000 or 42.9% to $1.2 million at March 31, 2001 from $2.1 million at June 30, 2000, primarily as a result of a decrease in borrowings and a decrease in advance payments to borrowers for taxes, insurance and ground rents, offset by an increase in savings deposits and an increase in net loans receivable. Advances from the Federal Home Loan Bank of Atlanta decreased $2.0 million or 66.7% to $1.0 million at March 31, 2001 from $3.0 million at June 30, 2000, as a result of repayments by the Company funded by increased savings deposits. Advance payments by borrowers for taxes, insurance and ground rents decreased $400,000 or 30.8% to $900,000 at March 31, 2001 from $1.3 million at June 30, 2000 as a result of the payment of escrowed real estate taxes. Savings deposits increased $2.1 million or 3.8% to $57.4 million at March 31, 2001 from $55.3 million at June 30, 2000 as the Company attracted more funds in certificates of deposit. Net loans receivable increased $500,000 or 0.8% to $65.7 million at March 31, 2001 from $65.2 million at June 30, 2000, primarily due to an increase in the commercial non-real estate portfolio. COMPARISON OF OPERATING RESULTS FOR THE QUARTER AND NINE MONTHS ENDED MARCH 31, 2001 AND MARCH 31, 2000 Net Income ---------- The Company reported net income of $99,000 for the quarter ended March 31, 2001 compared to $115,000 for the quarter ended March 31, 2000. The $16,000 decrease in net income was primarily due to a $25,000 decrease in net interest income before provision for loan losses and an increase in noninterest expenses of $14,000, offset by an increase in noninterest income of $9,000 and a decrease in provision for income taxes of $12,000. The Company's net income for the nine months ended March 31, 2001 was $310,000 compared to $318,000 for the nine months ended March 31, 2000. The $8,000 decrease in net income was primarily due to an $18,000 decrease in net interest income before provision for loan losses and an increase in noninterest expenses of $15,000, offset by an increase in noninterest income of $11,000 and a decrease in provision for income taxes of $11,000. Interest Income --------------- Total interest income increased by $69,000 or 5.7% to $1,272,000 for the quarter ended March 31, 2001 from $1,203,000 for the quarter ended March 31, 2000. The increase in total interest income for the comparable three months periods was due primarily to an increase of $2.2 million in the average balance of interest-earning assets to $67.9 million from $65.7 million, and an increase of 17 basis points in the average yield on interest-earning assets to 7.49% from 7.32%. 8 Total interest income increased by $307,000 or 8.7% to $3,840,000 for the nine months ended March 31, 2001 from $3,533,000 for the nine months ended March 31, 2000. The increase in total interest income for the comparable nine months periods was due primarily to an increase of $2.6 million in the average balance of interest-earning assets to $67.9 million from $65.3 million, and an increase of 33 basis points in the average yield on interest-earning assets to 7.54% from 7.21%. The increase in the average balance of interest-earning assets was due primarily to an increase in average loans receivable as a result of increased loan volume. Interest Expense ---------------- Total interest expense increased by $95,000 or 14.7% to $741,000 for the quarter ended March 31, 2001 from $646,000 for the quarter ended March 31, 2000. The increase in total interest expense for the comparable three months periods was due primarily to an increase of $1.9 million in the average balance of interest-bearing liabilities to $58.6 million from $56.7 million and an increase of 50 basis points in the average yield on interest-bearing liabilities to 5.05% from 4.55%. The increase in the average balance of interest-bearing liabilities was due to an increase in the average balance of savings deposits of $2.3 million for the three months comparable periods, partially offset by a decrease of $0.4 million in average borrowings for the three months comparable periods. Total interest expense increased by $325,000 or 16.9% to $2,252,000 for the nine months ended March 31, 2001 from $1,927,000 for the nine months ended March 31, 2000. The increase in total interest expense for the comparable nine months periods was due primarily to an increase of $2.5 million in the average balance of interest-bearing liabilities to $58.8 million from $56.3 million and an increase of 55 basis points in the average yield on interest-bearing liabilities to 5.10% from 4.55%. The increase in the average balance of interest-bearing liabilities was due to an increase in the average balance of savings deposits of $1.1 million for the nine months comparable periods and an increase of $1.4 million in average borrowings for the nine months comparable periods. Net Interest Income ------------------- The Company's net interest income decreased by $25,000 or 4.5% to $532,000 for the quarter ended March 31, 2001 from $557,000 for the quarter ended March 31, 2000. The decrease in net interest income was primarily due to an increase of 50 basis points in the average cost of interest bearing liabilities and a corresponding net decrease of 33 basis points in the interest rate spread. The Company's net yield on interest-earning assets decreased 27 basis points to 3.13% from 3.40%. 9 The Company's net interest income decreased by $18,000 or 1.1% to $1,588,000 for the nine months ended March 31, 2001 from $1,606,000 for the nine months ended March 31, 2000. The decrease in net interest income was primarily due to an increase of 55 basis points in the average cost of interest bearing liabilities, partially offset by an increase of 33 basis points in the average yield on interest earning assets, resulting in a net decrease of 22 basis points in the interest rate spread. Also, the ratio of average interest earning assets to average interest-bearing liabilities decreased to 115.5% from 116.0%. The Company's net yield on interest-earning assets decreased by 16 basis points to 3.12% from 3.28%. Provision For Loan Losses ------------------------- Management monitors its allowance for loan losses and makes additions to the allowance, through the provision for loan losses, as economic conditions and other factors dictate. Among the other factors considered by management are loan volume, type of collateral and prior loan loss experience. During the three months and nine months ended March 31, 2001, the Company recorded no provision for loan losses. Its allowance for loan losses at March 31, 2001 remained at $285,000, or 0.4% of loans receivable. During the three months and nine months ended March 31, 2000, the Company recorded a provision for loan losses of $2,400. The Company's nonperforming loans as a percentage of loans receivable was 0.04% and 0.42% at March 31, 2001, and June 30, 2000, respectively, all consisting of single-family residential mortgage loans. Noninterest Income ------------------ Total noninterest income increased by $10,000 or 41.7% to $34,000 for the quarter ended March 31, 2001 from $24,000 for the quarter ended March 31, 2000. The increase in noninterest income was due primarily to an increase of $12,000 in checking account service fees. Total noninterest income increased by $11,000 or 14.5% to $87,000 for the nine months ended March 31, 2001 from $76,000 for the nine months ended March 31, 2000. The increase in noninterest income was due primarily to an increase of $14,000 in checking account service fees. Noninterest Expenses -------------------- Total noninterest expenses increased by $14,000 or 3.6% to $406,000 for the quarter ended March 31, 2001 from $392,000 for the quarter ended March 31, 2000. The increase in noninterest expenses was primarily due to an increase in salaries and employee benefits of $26,000 or 11.8%, partially offset by a decrease in advertising expenses of $13,000 or 56.6%. The increase in salaries and employee benefits was due to an increase in staff and the decrease in advertising expenses was due primarily to the expiration of the Company's billboard advertising campaign. 10 Total noninterest expenses increased by $15,000 or 1.3% to $1,172,000 for the nine months ended March 31, 2001 from $1,157,000 for the nine months ended March 31, 2000. The increase in noninterest expenses was primarily due to an increase in salaries and employee benefits of $34,000 or 5.2%, offset by a decrease in professional services of $19,000 or 28.4%. The increase in salaries and employee benefits was due to an increase in staff and the decrease in professional services was due to a decrease in audit and legal fees. Liquidity and Capital Resources ------------------------------- Liquidity management for the Company is both an ongoing and long-term function of the Company's asset/liability management strategy. Excess funds, when applicable, generally are invested in overnight deposits at a correspondent bank and at the Federal Home Loan Bank (FHLB) of Atlanta. Currently when the Company requires funds, beyond its ability to generate deposits, additional sources of funds are available, as advances or borrowings, through the FHLB of Atlanta. The Company has the ability to pledge its FHLB of Atlanta stock or certain other assets as collateral for up to $14 million in advances. The Company's most liquid assets are cash and cash equivalents, which include short-term investments. The levels of these assets are dependent on the Company's operating, financing and investing activities during any given period. At March 31, 2001, the Company's cash on hand, interest bearing deposits, Federal funds sold and short-term investments totaled $1.2 million. Management and the Board of Directors believe that the Company's liquidity is adequate, including its ability to secure advances from the FHLB of Atlanta, to satisfy its loan commitments of approximately $3.1 million as of March 31, 2001. The Company's principal sources of funds are deposits, loan repayments and prepayments, and other funds provided by operations. Certificates of deposit which are scheduled to mature in less than one year at March 31, 2001 totaled $27.2 million. Historically, a high percentage of maturing deposits have remained with the Company. While scheduled loan repayments are relatively predictable, deposit flows and early loan prepayments are more influenced by interest rates, general economic conditions, and competition. The Association maintains investments in liquid assets based upon management's assessment of (1) need for funds, (2) expected deposit flows, (3) yields available on short-term liquid assets and (4) objectives of the asset/liability management program. The Company's primary use of cash in investing activities during the nine months ended March 31, 2001 was the purchase of $300,000 in loan participations. The decline in the use of cash for loans receivable during the nine months ended March 31, 2001 reflects a decrease in loan demand from the prior nine-month period. The Company's primary uses of cash in financing activities during the nine months ended March 31, 2001 consisted of a pay down of $2.0 million in borrowings, a net decrease of $400,000 in advance payments by borrowers for taxes, insurance and ground rents, and the repurchase of $500,000 in common stock, offset by a net increase of $2.0 million in savings 11 deposits. The increase in savings deposits is a result of the Company's efforts to attract shorter term certificates of deposit for the purpose of paying down higher costing borrowed funds. 12 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None. ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits None (b) Reports on Form 8-K None 13 Signatures In accordance with the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized. WYMAN PARK BANCORPORATION, INC. Registrant Date: April 30, 2001 /s/ Ernest A. Moretti ------------------------------------ Ernest A. Moretti President and Chief Executive Officer (Principal Executive Officer) Date: April 30, 2001 /s/ Ronald W. Robinson ------------------------------------- Ronald W. Robinson Treasurer (Principal Financial and Accounting Officer) 14